Bitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing a strong resistance near the 100 hourly SMA.<\/p>\n
Bitcoin started a minor upside correction and climbed above the $20,000 resistance.
\nThe price is now trading below the $20,500 level and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $20,400 zone and the 100 hourly SMA to continue higher.<\/p>\n
Bitcoin Price Faces Hurdles<\/p>\n
Bitcoin price found support near the $19,525 zone and started a minor upside correction<\/a>. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.<\/p>\n There was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC\/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low.<\/p>\n However, the price is now facing a major resistance near the $20,400 zone and the 100 hourly simple moving average<\/a>. The bulls made a couple of attempts to clear the 100 hourly simple moving average but failed.<\/p>\n Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level and the 100 hourly SMA. The next major resistance sits near the $20,700 level.<\/p>\n <\/a><\/p>\n Source: BTCUSD on TradingView.com<\/a><\/p>\n The 50% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low is also near the $20,700 level to act as a resistance. Any more gains might send the price towards the $21,000 resistance zone.<\/p>\n Fresh Decline in BTC?<\/p>\n If bitcoin fails to clear the $20,400 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.<\/p>\n The next major support sits near the $19,850 level. A break below the $19,850 support might push the price further lower. In the stated case, the price might decline towards the $19,525 low in the coming sessions.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $19,850, followed by $19,500.<\/p>\n Major Resistance Levels \u2013 $20,400, $20,700 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing a strong resistance near the 100 hourly SMA.<\/p>\n Bitcoin started a minor upside correction and climbed above the $20,000 resistance. Bitcoin Price Faces Hurdles<\/p>\n Bitcoin price found support near the $19,525 zone and started a minor upside correction<\/a>. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.<\/p>\n There was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC\/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low.<\/p>\n However, the price is now facing a major resistance near the $20,400 zone and the 100 hourly simple moving average<\/a>. The bulls made a couple of attempts to clear the 100 hourly simple moving average but failed.<\/p>\n Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level and the 100 hourly SMA. The next major resistance sits near the $20,700 level.<\/p>\n
\nThe price is now trading below the $20,500 level and the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $20,400 zone and the 100 hourly SMA to continue higher.<\/p>\n
![<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThe 50% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low is also near the $20,700 level to act as a resistance. Any more gains might send the price towards the $21,000 resistance zone.<\/p>\nFresh Decline in BTC?<\/p>\nIf bitcoin fails to clear the $20,400 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.<\/p>\nThe next major support sits near the $19,850 level. A break below the $19,850 support might push the price further lower. In the stated case, the price might decline towards the $19,525 low in the coming sessions.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\nMajor Support Levels \u2013 $19,850, followed by $19,500.<\/p>\nMajor Resistance Levels \u2013 $20,400, $20,700 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":"<\/p>\nBitcoin started a recovery wave above the $20,000 resistance against the US Dollar. BTC is now facing a strong resistance near the 100 hourly SMA.<\/p>\nBitcoin started a minor upside correction and climbed above the $20,000 resistance.\nThe price is now trading below the $20,500 level and the 100 hourly simple moving average.\nThere was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).\nThe pair must clear the $20,400 zone and the 100 hourly SMA to continue higher.<\/p>\nBitcoin Price Faces Hurdles<\/p>\nBitcoin price found support near the $19,525 zone and started a minor upside correction<\/a>. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.<\/p>\nThere was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC\/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low.<\/p>\nHowever, the price is now facing a major resistance near the $20,400 zone and the 100 hourly simple moving average<\/a>. The bulls made a couple of attempts to clear the 100 hourly simple moving average but failed.<\/p>\nBitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level and the 100 hourly SMA. The next major resistance sits near the $20,700 level.<\/p>\n<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThe 50% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low is also near the $20,700 level to act as a resistance. Any more gains might send the price towards the $21,000 resistance zone.<\/p>\nFresh Decline in BTC?<\/p>\nIf bitcoin fails to clear the $20,400 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 zone.<\/p>\nThe next major support sits near the $19,850 level. A break below the $19,850 support might push the price further lower. In the stated case, the price might decline towards the $19,525 low in the coming sessions.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\nMajor Support Levels \u2013 $19,850, followed by $19,500.<\/p>\nMajor Resistance Levels \u2013 $20,400, $20,700 and $21,000.<\/p>\n<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-6568","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=6568"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6568\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6568"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-21.png\"){kind=link}